Tracking intercompany loans within an organization is a necessary and often laborious task. Current computer assisted techniques and software are not as robust as one would like and have several limitations that must be individually addressed. For instance, the computer software typically runs on a platform that is not a bank-standard system. In addition, the current systems do not accommodate loans having credit limits exceeding one billion dollars. This requires administrators to partition a large loan into several smaller loans under the one billion dollar cap. The current systems do not provide a general ledger interface for daily or monthly transactions. Administrators are required to manually key such general ledger entries into the system. Interest charges are also manually processed as well as all month-end processing including verification of interest rates and general ledger processing.
What is needed is a system that addresses the aforementioned shortcomings of current intercompany loan tracking and maintenance systems.